30 January 2020
Quadrise Fuels International plc
("Quadrise", "QFI", the "Company" and together with its subsidiaries the "Group")
Appointment of New Auditors
The Board of Quadrise Fuels International plc (AIM: QFI) is pleased to announce that following a comprehensive audit tender process, the Board has approved the proposed appointment of BDO LLP ("BDO") as auditors to the Company for the financial year ended 30 June 2020. Shareholder approval to confirm the appointment of BDO for the financial year ended 30 June 2021 will be sought at the Company's 2020 Annual General Meeting.
A formal tender process, managed by the Audit Committee, commenced in December 2019, as the Company's outgoing auditor, Crowe LLP ("Crowe") had been providing services for almost 10 years, with a rotation of audit partners after 5 years. A formal Request for Quotation ("RFQ") was provided to a total of four firms, including Crowe. Following positive meetings with, and the receipt of formal responses to the RFQ from all four firms, the process concluded successfully with the appointment of BDO. The process to manage the transition from Crowe will begin immediately and BDO will be responsible for the review of the unaudited interim results for the period ended 31 December 2019 which will be published in March 2020, as usual.
Accordingly, Crowe has deposited with the Company a statement of the circumstances connected with its ceasing to hold office confirming that there are no matters that need to be brought to the attention of members or creditors of the Company for the purposes of Section 519 of the Companies Act 2006.
Mike Kirk, Executive Chairman of QFI, said:
"We are delighted that we received such a positive response to the formal tender process and to see such a high level of interest and engagement from four leading auditors. Ultimately, we are delighted to have appointed BDO, who demonstrated their leading position as auditors to AIM companies and a particularly strong presence in the natural resources, oil refining and shipping sectors. We know that BDO will be able to get up to speed rapidly and that their strong global network will be important in enabling us to plan for the future development of the business to support commercial operations.
I would also like to thank Crowe for their service to the Company over the last 10 years."
For additional information, please contact:
Quadrise Fuels International plc +44 (0)20 7031 7321
Mike Kirk, Executive Chairman
Jason Miles, Chief Operating Officer
Cenkos Securities plc +44 (0)20 7397 8900
Nominated Adviser
Dr Azhic Basirov
Ben Jeynes
Katy Birkin
Peel Hunt LLP +44 (0)20 7418 8900
Joint Broker
Richard Crichton
David McKeown
Shore Capital Stockbrokers Limited +44 (0)20 7408 4090
Joint Broker
Toby Gibbs
Fiona Conroy
FTI Consulting +44 (0)20 3727 1000
Public and Investor Relations
Ben Brewerton
Ntobeko Chidavaenzi
The information communicated within this announcement was deemed to constitute inside information as stipulated under the Market Abuse Regulations (EU) No. 596/2014 prior to the release of this announcement. Upon the publication of this announcement, this inside information is now considered to be in the public domain.
